Chevron on Friday reported first-quarter earnings that met Wall Street estimates, but said it would spend less on share repurchases in the current quarter, reflecting the shaky economic outlook faced by Big Oil.

U.S. crude oil prices have fallen as President Donald Trump's tariffs raise recession fears and OPEC+ pumps more oil.

Shares of Chevron Corp. were sinking toward a three-year low in early trading Friday, after the oil and gas giant reported quarterly profit that dropped, but beat expectations, while production was flat and revenue fell short of forecasts.